Alba announces 42% drop in profits

Aluminium Bahrain (Alba), an aluminium smelter that is majority-owned by the Bahraini government, has said that unrealised derivative gains and low metal prices were behind the company’s Q2 42% fall in profits.

Net profits of US$55 million were way down on last year’s US$96 million. Sales were also down for the quarter at US$518 million from US$512 million.

Tim Murray, Alba’s CEO, said, “Despite challenging global macroeconomic conditions coupled with lower LME prices, Alba was able to deliver a healthy financial performance supported by strong operational performance.”